NCC blocks Up Money from rescinding court orders
The National Consumer Commission (NCC) has succeeded in blocking Up Money from rescinding court orders.
This after the Gauteng High Court Local Division ruled against Up Money (Pty) Ltd (Up Money) and UNIITCO (Pty) Ltd (Uniitco), the two companies which are the subject of two preservation orders that were granted in favour of the National Director of Public Prosecutions (NDPP).
According to NCC’s spokesperson Phetho Ntaba these orders are in connection with a pyramid scheme being run by Up Money.
“Up Money filed an urgent application with the Gauteng Local Division on Friday 14 August against the NDPP requesting the Court to rescind the preservation order as these deprived Up Money means to provide for their reasonable living expenses,” said Ntaba.
She said in the urgent application, the relief sought from the court included inter alia, reconsideration, variation and/or rescission of the preservation order that was granted on 23 July 2020 (freezing of bank accounts worth more than R18 million and a number of luxury vehicles), living and legal expenses and for the appointment of a curator bonis.
“The NDPP opposed the application. The National Consumer Commission (NCC) applied to intervene as an interested party, which was granted by the court,” said Ntaba.
In the affidavit deposed by Up Money’s Jude Ignatius Matsimela; he revealed that he was the sole director of both Up Money and Uniitco, and that he is not gainfully employed and makes a living only out of both companies.
Also read: Residents warned: UP Money is a pyramid scheme
He contended that he has no access to any funds and has no other way of making a living following the freezing of Up Money’s bank account.
He therefore requires the preservation order to be rescinded/varied so he can get access to the funds in the Up Money account to enable him to pay for living expenses such as rent, petrol, cellphone bill, groceries and school fees.
Ntaba said while Matsimela wanted these funds released for his own personal use, he made no mention of the fact that these funds were members’ contributions.
Acting consumer Commissioner Thezi Mabuza said the unscrupulous conduct of Up Money will never be tolerated by the Commission.
“Working with other entities, we will continue with our efforts to suppress such schemes,” said Mabuza
